Environmental implications of market structure: Shale gas and electricity markets |
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| Institution: | 1. Sloan School of Management, Center for Energy and Environmental Policy Research, MIT, USA;2. NBER, USA;3. Carleton University, Canada;4. FGV EPGE, Brazil;1. Toulouse School of Economics, Esplanade de l’Université 1, Toulouse 31080, France;3. Department of Economics and Business, University of Catania, C.so Italia 55, Catania 95129, Italy;4. Department of Economics and Related Studies, University of York, Heslington, York YO10 5DD, UK;5. Department of Economics/NIPE, University of Minho, Campus de Gualtar, Braga 4710-057, Portugal;6. Department of Economics, University of Bergen, Norway |
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| Abstract: | We examine the environmental implications of market structure using the exogenous variation in the price of natural gas paid by U.S. electric power producers in the aftermath of the Shale Boom. We find that electric power producers were more responsive to fuel prices in vertically integrated markets than in restructured markets, and we explore the underlying factors driving this heterogeneity in responses. Although differences in the capacity of the most efficient gas power plants between the two market structures are the most important factor, we consider others. The heterogeneity in the response of power plant operators to fuel prices has material implications for carbon dioxide emissions. |
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